Wednesday, January 21, 2009

Mortgage Rates Hit New Low -11th in a Row

(01-18) 04:00 PST McLean, Va.

Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages dropped to 4.96 percent last week, down from 5.01 percent the previous week.

The average rate on a 15-year fixed-rate mortgage rose to 4.65 percent from 4.62 percent last week, while rates on five-year adjustable-rate mortgages fell to 5.25 percent. Rates on one-year adjustable-rate mortgages fell to 4.89 percent from 4.95 percent.

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